for the year ended 30 June 2022 FINANCIAL REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 90 Westgold Resources Limited Annual Report 2022 29. SHARE-BASED PAYMENTS (a) Recognised share-based payment expense The expense recognised for services received during the year is shown in the table below: 2022 2021 Expense arising from equity-settled share-based payments 618,435 800,132 The share-based payment plan is described below. There have been no cancellations or modifications to the plan during 2022, 2021, 2020 and 2019. (b) Transactions settled using shares There were no transactions settled using shares in the year ending 30 June 2022. (c) Employee share and option plan Under the Employee Share and Option Plan (ESOP), grants are made to senior executives and other staff members who have made an impact on the Group’s performance. ESOP grants are delivered in the form of share options or performance rights which vest over periods as determined by the Board of Directors. (d) Share options and performance rights Zero Exercise Price Options (ZEPO) Unlisted employee options are issued to senior management under the Employee Share Option Plan, the principal terms being: – The Employee Options have been issued for nil consideration; – Each Employee Option carries an entitlement to one fully paid ordinary share in the Company for each Employee Option vested; – Vesting only occurs after the end of the Performance Periods (30 June 2020 and 30 June 2021) and the number of Employee Options that vest (if any) will depend on: – Growth in Return on Capital Employed over the Performance Periods (ROCE) (50%); and – Total Shareholder Return relative to the S&P/All Ordinaries Gold Index over the Performance Periods (50%). – Unvested Employee Options lapse on cessation of a holder’s employment withWestgold; – Any Employee Options that do not vest after the end of the Performance Periods will automatically lapse; and – No amount is payable by a holder of Employee Options in respect of the shares allocated upon vesting of the Employee Option. Performance Rights (Rights) Unlisted Employee Performance Rights are issued to senior management under the Employee Share Option Plan, the principal terms being: – The Performance Rights have been issued for nil consideration. – Exercise Price of a Performance Right is nil – The Performance Rights measurement date is 31 March 2023 and 31 March 2024 – The Performance Rights are subject to defined Performance Conditions – Growth in Relative Total Shareholder Return (RTSR) (25%); – Growth in Absolute Total Shareholder Return (ATSR) (25%); – Growth in Absolute Earnings Per Share (EPS) (25%); and – Operational Growth (25%). – Subject to the terms contained in this Offer, the Performance Rights will not be transferable in whole or in part (except, in the case of the Performance Right holder’s death, by his or her legal personal representative). – The Company will issue fully paid ordinary Shares ranking pari passu with the issued ordinary shares once the Performance Rights have vested. – The Company will apply for listing on the ASX of the resultant Shares of the Company issued upon vesting of any Performance Rights. – A Performance Rights holder cannot participate in dividends or bonus issues, with respect to those Performance Rights, unless those Performance Rights are vested.
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